Barclays strategists said that the UK budget may eventually become a clean-up event, as fiscal drag may be reduced and offset by the Bank of England's sharper interest rate cut. Given that valuations and positions are still low, they see attractive opportunities in the UK market. The strategist, led by Emmanuel Kow, wrote that the UK stock market as a whole and the currency looked cheap, yet the pessimism before the budget was probably too high; the macroeconomic context was improving, and concerns about fiscal policy were probably too much. They prefer industries affected by global or domestic cycles and/or falling interest rates, such as real estate, utilities, food and general retail, banking, and diversified finance.

Barclays strategists said that the UK budget may eventually become a clean-up event, as fiscal drag may be reduced and offset by the Bank of England's sharper interest rate cut. Given that valuations and positions are still low, they see attractive opportunities in the UK market. The strategist, led by Emmanuel Kow, wrote that the UK stock market as a whole and the currency looked cheap, yet the pessimism before the budget was probably too high; the macroeconomic context was improving, and concerns about fiscal policy were probably too much. They prefer industries affected by global or domestic cycles and/or falling interest rates, such as real estate, utilities, food and general retail, banking, and diversified finance.